General News
Soludo Explains Reasons behind Naira Crash
Prof. Charles Soludo, Governor of the Central Bank of Nigeria (CBN) last week told a charged senate session that the recent devaluation of naira was a deliberate policy of the nation’s apex bank to further shield the economy from the financial crisis and that there was no need for panic.
Soludo said that CBN would only insist on stable exchange rate and not fixed exchange rate as most would want.
Soludo, s appearance before a charged senate followed a motion by Ike Ekweremadu, the deputy senate president and 23 others drawing the attention of the senate to a continued decline in the value of naira
The CBN boss was summoned alongside other members of the economic team including Dr Samsudeen Usman, the finance minister to brief the senate on the sad trend
Senate in a dramatic twist refused to take on the finance minister who was the leader of the team and instead asked the team to go after over two hours briefing by Soludo.
It would be recalled that senate had recently asked the finance minister to apologize to it over his recent claim that the delay in the passage of the 2008 budget by National Assembly was responsible for the poor implementation of the estimate
But Ayogu Ezeh , spokesman of the senate said that the senate decided to take on only Soludo because of the subject matter which is crash of the naira . Soludo at the briefing said there was no cause for alarm insisting that the country has not been hit by the financial crisis even as he admitted that the economy could be affected by the crash in the price of crude oil at the global market.
Again he said that the weak naira or exchange does not suggest weak government or weak economy
Responding to questions yesterday on the naira drop Soludo said ‘I want to submit that this was carefully thought through and deliberately implemented in order to ensure that you maintain an internal and external balance for the economy. The economic of exchange rate is such that in a world where you face any fracture on your balance of payment, especially thought he external sector, especially since we experience much of the later part of this year, declining oil prices which account for 95 percent of our foreign exchange.
Every country that experiences that, you have two options: you either allow the prices to adjust by way of exchange rate or quantities would adjust. The quantity that will adjust would either mean that you cut down on domestic consumption, domestic investment and government spending in order to retain pressure on the external sector or you allow the price to do the readjusting. Generally, the exchange rate responds to several factors. Currently we operate a flexible exchange rate regime as most economies of the world. This actually determines by the demand and supply in the market. If you have an increasing supply of foreign exchange, the exchange rate appreciates. If there is a declining supply and the demand is still up there or rising, you have depreciation. There quite a number of factors that could lead to the demand in foreign exchange, including the liquidity condition in the economy induce by money supply, government spending the net capital flows, the level of their foreign reserves and the rates at which it grows, domestic productivities and that will actually increase your exports and import. The global shock that we have experienced like we did mention in our last presentation before this House, the major channel of effect on Nigeria would be the declining oil price and therefore what could put pressure on the foreign reserve and the exchange rate and if care is not taking, it could go via the fiscal sector down to the financial sector if not managed. But we hope that that we not happen. Look around the world today, because of our declining commodity prices, declining trade, and therefore declining foreign exchange earning by most stable country in the world. Whether or not they are experiencing financial crisis, there are many countries in the world that do not have financial crisis and are not experiencing financial crisis including Nigeria . However, these countries as well are experiencing declining commodity prices and therefore declining export earning. Therefore their earnings of foreign exchange declining. In almost all of these countries today, with little or no exception, the exchange rate under a flexible exchange rate regime is the variables that do the adjustment. I have with me here a table of countries, even here in Africa, with the largest level of reserves such as Algeria , Algeria has the largest level of reserves in Africa . As 2007 it had about 110 as at September this year it has 130 billion dollars but its exchange rate has also depreciated and you take them all from the emerging market, most of them whether it is Malaysia, Thailand or Brazil, India Russia, Indonesia, Philippines, South Africa all down the line with even higher level of diversify export structure, most of these countries are not having any financial crisis.. But it is simply that the global trading regime has altered and therefore the variables that you allow to adjust is the exchange rate and Nigeria happen to be one of such countries. Nigeria is not having a financial crisis but the global financial crisis impact on the Nigeria economy through the declining oil and therefore the declining squeeze the reserves. There is as we operate a flexible exchange rate like I said, that is the variable that is expected to do the adjustment. If you recalled Mr. President, Distinguish Senators, this is not the first time that Nigeria is experiencing the most significant shock occurred late 1981 through early 1982 and the differences between then and now interms of the economy is about three four key areas: the first is that then we had high external debt relative to GDP, relative to government expenditure.. Now we don’t have it. Then we had fragile financial banking system that most of the banks owned by the government lack depth, just too fragile to take up the flak between then and now. Today we have a stronger banking sector that grant credit, the total credit. The total credit granted as at the end of September to the private sector was indeed larger than the Federal government expenditure.
Guinness Nigeria has officially begun rewarding consumers under its nationwide ‘Open For More’ National Consumer Promotion (NCP), with an impressive ₦17 million in rewards to 107 winners during the campaign’s first live draw held on July 31, 2026.
The inaugural draw instantly transformed the fortunes of consumers across the country, producing seven new millionaires, who each received ₦1 million, alongside 100 additional winners, who each walked away with ₦100,000. The milestone marks the beginning of a series of weekly live draws that will see hundreds more Nigerians rewarded throughout the promotion.
The seven ₦1 million winners are Marcus Barieepie, Ani Valentine Ogochukwu, Okafor Sochima, Taiwo Adebola, Zubair Rukayat, Oluwatobi Femi, and Ebubechukwu Okolo.
The live draw was conducted under the supervision of the Federal Competition and Consumer Protection Commission (FCCPC) to ensure transparency and fairness. Representatives of the commission present included Dr. Olubunmi Otti, Zonal Coordinator, FCCPC Southwest, and Mrs. Abosede Ogundeji, Surveillance and Investigation Officer.
Speaking during the draw, Ramanathan S, representing Guinness, said the promotion reflects the brand’s enduring commitment to celebrating and rewarding the consumers who have supported Guinness over the years.
“For decades, Nigerians have made Guinness a part of their milestones and celebrations. Today, we are proud to give back by putting ₦17 million directly into the hands of 107 consumers in our very first draw. This is only the beginning. Over the coming weeks, many more Nigerians will experience life-changing rewards as we continue to celebrate the loyalty of the people who have made Guinness part of their stories.”
He added that all weekly draws will continue to be streamed live across Guinness Nigeria’s official platforms, enabling consumers to witness the winner-selection process in real time and reinforcing the transparency and credibility of the promotion. He also encouraged eligible consumers nationwide to participate, noting that every valid entry presents another opportunity to win.
The ‘Open For More’ National Consumer Promotion offers consumers the chance to win ₦1 million every day, ₦100,000 cash prizes for 1,000 winners, and a Toyota Land Cruiser Prado as the grand prize. Altogether, the promotion will reward consumers with more than ₦400 million in cash and prizes.
To participate, consumers simply need to purchase specially marked bottles of Guinness Foreign Extra Stout or Guinness Smooth, locate the unique code beneath the crown cork or can lid, and enter the code via the designated campaign platform.
With ₦17 million already won in its opening draw, the campaign is off to a remarkable start, reinforcing Guinness Nigeria’s commitment to rewarding consumer loyalty through transparent processes and unforgettable experiences that go beyond the product. Consumers are encouraged to look out for specially marked promotional packs and follow Guinness Nigeria’s official communication channels for updates, winner announcements, and details of upcoming draws.
National Information Technology Development Agency (NITDA) has expressed readiness to deepen collaboration with Nigerian universities to promote research, innovation and technology-driven solutions to local challenges.
NITDA, UniAbuja
NITDA’s Director-General, Kashifu Inuwa Abdullahi, stated this when the management of Yakubu Gowon University, formerly the University of Abuja (UniAbuja), led by its Vice-Chancellor, Prof. Hakeem Fawehinmi, paid a familiarisation visit to the agency’s headquarters in Abuja.
Abdullahi said stronger collaboration between NITDA and tertiary institutions was essential to building a robust innovation ecosystem, developing practical skills and positioning Nigeria for technology-driven economic growth.
He stressed the need for increased investment in research, particularly in emerging technologies such as Artificial Intelligence (AI), Internet of Things (IoT), blockchain, cybersecurity and cloud computing.
“We need to invest more in in-depth research with universities to build a robust research ecosystem that will help us develop solutions.
“Research will focus on harnessing AI, IoT, blockchain, cybersecurity and cloud technology, among other emerging technologies, to improve our lives and grow our digital economy,” he said.
The DG described universities as critical talent factories required to achieve Nigeria’s digital transformation aspirations.
“NITDA has a vision to make Nigeria a digitally empowered nation. You (UniAbuja) are the talent factory, and we cannot achieve our vision without talented Nigerians.
“The only way to achieve that is by working with institutions like yours. So, we need to build talent,” he said.
Abdullahi also advocated the integration of AI education across disciplines in tertiary institutions, saying students needed practical digital skills to remain relevant in the evolving world of work.
“We can work together to explore ways of introducing AI across the board as a general study course in tertiary institutions.
“Elements of AI should be included in every field of study to equip our students with the hands-on skills for navigating the real world,” he said.
According to him, NITDA is already collaborating with key education sector stakeholders, including the Federal Ministry of Education, National Universities Commission (NUC), National Board for Technical Education (NBTE) and National Commission for Colleges of Education.
He said the agency was also working to promote digital literacy programmes across all levels of education to ensure that graduates acquire skills relevant to industry requirements.
Earlier, Fawehinmi said the university’s visit was aimed at seeking NITDA’s partnership and support in strengthening digital infrastructure and technology-based training at the institution.
He expressed appreciation for NITDA’s contributions to the Digital Geoscience Centre at the university.
The Vice-Chancellor said the university was willing to collaborate with NITDA on joint research, capacity-building initiatives and innovation programmes capable of contributing to Nigeria’s socio-economic development.
“We could go into partnership with you to provide data, collaborative engagements, staff exchanges and joint research hubs, so that we can produce high-level human resources.
“The university is committed to serving as a strategic academic partner to NITDA by providing academic expertise required to advance your national digital transformation initiatives,” he said.
The proposed collaboration is expected to strengthen the link between academic research and industry needs while creating opportunities for technology innovation, skills development and practical solutions to Nigeria’s socio-economic challenges.
A New Mexico court has ordered Meta, the parent company of Facebook and Instagram, to pay $567 million to address the alleged harms caused to young people by its social media platforms.
Meta
The ruling by Judge Bryan Biedscheid came in the second phase of a landmark trial concerning the impact of Meta’s platforms on children and teenagers.
The judge said $420 million of the amount would be dedicated to treatment services for young people, while the remaining funds would support awareness and prevention programmes, screening services and other related costs over the next five years.
The latest financial order comes on top of $375 million in civil penalties awarded against Meta in March after a jury found that the company knowingly harmed children’s mental health and concealed information about child sexual exploitation on its platforms.
During the second phase of the trial, prosecutors asked the court to order fundamental changes to Meta’s platforms, including measures to reduce addictive features, improve age verification and prevent child sexual exploitation through stronger privacy settings and increased oversight.
The court subsequently ordered Facebook and Instagram to introduce banner notifications and informational screens explaining their safety features, recommended practices and tools for addressing inappropriate comments.
The platforms must also regularly display the information, while an educational campaign in New Mexico will be subject to review by the state.
New Mexico Attorney General Raúl Torrez said the ruling sent a clear message that technology companies could be held accountable when their product designs knowingly exposed children to risks.
“Today’s decision is a victory for every parent who has worried about what social media is doing to their child and every child who deserves to grow up safer online,” Torrez said in a statement.
Meta said it would appeal the ruling.
“We work hard to keep people safe on our platforms and have been transparent about the challenges of identifying and removing bad actors and harmful content,” the company said.
The company said it remained confident in its record of protecting teenagers online and would continue to defend itself against what it described as claims that misrepresented the facts.
On age verification, the court said federal children’s privacy laws restricted Meta’s ability to apply certain verification tools to children under 13.
The court cited the Children’s Online Privacy Protection Act (COPPA), which limits the collection of personal information from children under 13.
Rather than imposing a blanket age-verification requirement exclusively on Meta, the judge ordered the company to continue improving its age-assurance tools in New Mexico.
The tools include the use of artificial intelligence to estimate users’ ages based on signals such as their social connections and the type of content they post and consume.
Meta was also ordered to attempt to develop a dedicated model for predicting whether users are under 13 within the next two years.
Additionally, the company must request proof of age from Facebook and Instagram users in New Mexico whom it estimates to be under 13.
Where Meta determines that a user is under 13, or under 18 but cannot determine a specific age, it must treat the user as being under the applicable age threshold until the user verifies their age.
The court further ordered Meta to partner with schools or a child-safety organisation to establish a reporting portal through which school officials can flag users suspected to be under 13.
Meta must also delete personal information it has collected from users under 13 and submit progress reports twice a year detailing its compliance with the court-ordered measures.
The ruling comes as Meta faces thousands of lawsuits from families alleging that children have been harmed by social media use.
The company is also preparing for another trial in California amid the growing litigation over the impact of social media platforms on young people.
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